As long as homes have been rented, there have been landlords. These people own the property or manage it for someone else. These are the people who collect the rent and fix things when they break or just don’t work. But there is more to being a landlord than just collecting the rent check every month.
The Enterprises TV show notes that being a landlord is not just about being sure the rent is paid. The title usually means that this person is responsible to make sure the air conditioning work in the summer, heat works in the winter, all toilets can be flushed, appliances are replaced or repaired when they stop working, and on occasion, kick out the faulty renter. Let’s take a closer look at what someone should know about renting property to another person and being a landlord.
Rental homes are part of the real estate market. In real estate, location is a key factor in finding the a good home in a nice location. The same applies to rental homes. The nicer the condo community or home development, the better the tenants.
Review all state, local, homeowner’s and condo association rules and guidelines for rentals. Some communities are for people aged 55 and up. Others will not allow children. Some condo and home associations insist the property owner live in the unit one year before renting it. Know the rules before buying a home to rent.
Ask a friend in the legal profession to help construct a rental lease. Don’t count on the ones from free legal websites or bought in office supply stores to be correct.
Enterprises TV reminds prospective landlords that something will break or not work. It always does. Garbage disposals stop working after 2 to 3 years. Toilet keep running, water drips, air conditioning stops in the heart of summer, and refrigerators shudder and turn off. Ask for referrals for reliable repair and service people. Don’t just hire the cheapest one. Hire the one that can get the job done right the first time.
Think and do some homework before deciding to become a landlord.